timing of attachment

Question 1

question 1 page 71 moneybucks and his $2000 laon

Answer 1

look at how they formulate the answer:
value was given on 21 april
dexter had right in the artwork prior to 21 april
the security argeemetn was singed on 15 may (at this monent attachement occured

Question 2

2 page 72 inkster, the question is when is value given?

Answer 2

value for the equity loan was given on its approvel. NOT when she took the first sum of money.

Question 3

Definition of value

Answer 3

a person gives value for the right: if the person acquires them in return for any consideration sufficient enough to support the contract

Question 4

3 Thad the thief, there is a right of ownership issue

“look for the mere naked possession” does not give rights to possessor

Answer 4

1. steal and pawns: thief never had rights/no to power to transfer rights
2. steals and sell.
3. rights bad check to acquire: this is inteesting: thad had the power to pass on good title to the person who purchased it from him. and can transfer power and maybe the right to “any good faith purchaser for value”
4. borrows and pawns, THAD IS NOT A BAILEE: Thad had the right to posses, called limited Bailee right and not the right to give it away.

remember you can only transfer the rights that you have. a thief has not rights

Question 5

Selma and Bakewell product

Answer 5

the key issue here was when deos selma get rights on toasters. when the order is placed? when they are shipped? when they arrive?
- she acquired rights when they arrived, however the bank could claim indeminfication and argue that selma had the rights to the toasters when they were shipped.

Question 6

Rule: After Aquired Property

Answer 6

a security interest arising by vritue of an after-acquired clauseis not lass valid thatn a security interest in collateral in whihc the debot has rights at the time value was given.

after aquired property attached when the DR has a rihgt to the collateral (value and Security agreetment are already signed)

Question 7

value given as a right

Answer 7

always remember that value can be given as a right.

Question 8

now and hereinafter attachement of consumer goods

Answer 8

the consumer goods property acquired after 10 days of executing the K is excluded, under a consumer good protection.

Question 9

Proceeds of the collateral

Answer 9

whatever is acquired by sale, lease, linense, exchange or other disposition of collateral, upon sale of the collateral, the proceeds of the sale automatically attach.